Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fonterra spends $42 mln on new Chinese dairy farm

Fonterra spends $42 mln on new Chinese dairy farm

by Paul McBeth

Oct. 20 (BusinessDesk) – Fonterra Cooperative Group will spend $42 million on a new dairy farm in China as it looks to build its presence in the world’s most populous nation.

The world’s biggest dairy exporter and the Yutian County Government formally agreed to develop a new farm in the Hebei province, about 100 kms away from Fonterra’s pilot farm in Tangshan.

Fonterra has entered into a long term lease to use the land, much the way that China-resident New Zealand business leader David Mahon suggested this week could work in this country to assuage fears about foreign ownership of local farmland.

The company’s second Chinese farm is expected to begin milking in November next year, and will house 3,000 cows imported from New Zealand while employing about 100 locals.

“China is a very important market for Fonterra and we’re committed to developing and investing in the local dairy industry over the long term,” chief executive Andrew Ferrier said in a statement.

“Today’s agreement further strengthens Fonterra’s capacity to deliver a secure and sustainable supply of fresh dairy products for Chinese customers and consumers.”

Fonterra stepped back from its investment in China after an earlier Chinese partner was caught up in melamine scandal in 2008 that left several infants dead after San-Lu’s farmers added melamine to the milk to lift its protein.

The farm is expected to produce about as much milk as the Tangshan pilot, which has doubled its muster to 6,000 cows and is producing about 25 million litres for local consumption.

Milk from the new farm will be audited under Fonterra’s standards of excellence.

(BusinessDesk) 16:29:10

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news